Forces
Christopher Coats, Contributor
After announcing progress in the Mediterranean region, including larger footprints in Morocco and Italy, Sounds Oil announced a series of board changes Monday, including two new appointees and two exits.
The Mediterranean focused company offered up results for the year through June, according to media reports, including a farm-in agreement to “acquire a 55% net working interest and operatorship of the Tendrara licence, onshore Morocco”.
Heavily dependent on energy imports to meet its growing demand, Morocco has spent the last decade exploring new options to help reduce costly oil and coal imports, including supporting new exploration and production efforts, as well as renewable alternatives.
According to an Oil Voice report, the progress report for 2015 also included the awarding of the “Casa Tonetto production concession following period end and the signature of a gas sales agreement with Shell Energy Italia.”
The company also saw production continue at the Rapagnano effort and unaudited cash balances of about 24.8 million euros midway through the year.
Calling the period a “busy” one, the company chairman praised the company’s progress during the year despite obvious setbacks.
“Despite recent turbulence in the sector, Sound Oil is positioned with a well-balanced and recently broadened portfolio across Italy and Morocco, with existing production, a strong balance sheet, a supportive cornerstone investor and a bold growth agenda,” said company director, Simon Davies. “The Company also once again demonstrated progress across its Italian portfolio, including securing the EIA approval at the transformational Badile licence and continuing to deliver strong, cost covering, production at Rapagnano.”
Recommended by Forbes
